The IRS usually doesn’t allow people to deduct the cost of their MBA, claiming that the degree qualifies people for new job that will earn more money. But what if your dog gets an MBA? He probably won’t be earning a fat salary as a result.
Forbes recently reported an unusual story of a dog named Pete whose owner submitted an application with the dog’s work experience to the online American University of London. The university agreed to award Pete an MBA at a cost of £4,500. A pug named Chester was the first dog to be given an MBA, in 2009.
The IRS’s guideline for deducting the cost of a degree is whether or not the degree qualifies you for a new job or position. If it does, you can’t deduct it. If your MBA doesn’t qualify you for a new career, then you may be able to deduct it, depending on your situation.
Whether a dog can deduct the cost of his degree remains to be seen.